"We will support all our residents until they are settled in their new
homes. They won't have to do a thing. We will take care of everything -
seeking accommodations, packing, moving and setting up in their new
Sébastien Barrette, assistant general manager
MONTREAL, May 12 /CNW Telbec/ - Management of Residence Le Monaco,
located in Montreal's borough of St-Laurent, wishes to address the
closing announced to residents and employees on May 10. Management made
the decision to permanently cease operations on June 22, 2011. The
general manager insisted that all residents would be supported until
they are settled in their new homes.
"We are aware of our clientele's frailty and have met every resident
onsite one on one. Everything has been set up to ease the planning of
this transition. Residents will be supported in choosing a new
residence, and we will help them plan their move, processes that will
be fully taken care of and paid for by the residence," said Sébastien
Barrette, assistant manager for the residence. Management team has also
ensured all the necessary support personnel is onsite to answer
The residence management team also met with employees, who will be
offered severance packages and assistance to help them relocate. "We
are counting on the professionalism of our employees to support
residents during the transition," he continued.
For the management team, the priority over the next two months will be
to ease the move and set up of residents in new living environments of
their choice, whether in the same neighbourhood or elsewhere. The
residence will oversee the entire process, in collaboration with
residents' families and loved ones. Teams of specialists will take care
of finding new accommodations, planning the packing of belongings,
hiring movers and helping residents set up in their new homes. The cost
of the entire process will be borne by the residence, and residents
will receive compensation equivalent to three months of rent.
This difficult decision was made in light of the fact that for some
years, Residence Le Monaco has experienced difficulties that greatly
affect its operations. The residence began facing significant financial
problems three years ago, and despite efforts made to generate interest
among potential clients, the occupancy rate has continued its decline.
Over the last three years, the local market has greatly evolved, and
the residence no longer meets the standards clients seek. The occupancy
rate declined from 73.5% in March 2008 to 52.5% in March 2011.
Before reaching its decision, the management team turned to external
consultants to help assess options, and their report concludes it would
be impossible over the middle term to positively reposition the
residence in the Ville St-Laurent market.
Residence management also made all necessary inquiries to ensure that
its decisions meet current regulations.
Management deeply regrets the situation and intends to take every
necessary measure to smooth the transition for residents.
SOURCE Résidence Le Monaco inc.
For further information:
Assistant General Manager
Residence Le Monaco Inc.
Tel: (514) 333-6060